Jane Street reduced spot Bitcoin ETF positions in Q1 2026—cutting BlackRock’s IBIT ~71% to ~5.9M shares (~$225M) and Fidelity’s FBTC ~60% to ~2M shares (~$115M)—and trimmed Bitcoin-linked miners and Strategy. Simultaneously the firm nearly doubled its stake in BlackRock’s iShares Ethereum Trust and materially added to Fidelity’s Ether product (combined Ether ETF additions ≈$82M). 13F filings also show increased equity stakes in Riot Platforms, Coinbase and a large rise in Galaxy Digital; filings note 13Fs omit derivatives/shorts. Separate reports flagged Jane Street’s record Q1 trading revenue and ongoing legal scrutiny related to the 2022 TerraUSD collapse.

Jane Street’s large, documented cuts to IBIT (~71% to ~5.9M shares, ≈$225M) and FBTC (~60% to ~2M shares, ≈$115M) are bearish for Bitcoin flows, while near-doubling iShares Ethereum Trust and adding Fidelity’s Ether (~$82M combined) is bullish for Ether; 13F increases in Riot, Coinbase and Galaxy Digital show meaningful equity flow. 13F limitations (no derivatives/shorts) and mention of record trading revenue and legal scrutiny are factual qualifiers.